Downside follow through

Despite opening a little higher, the precious metals turned lower in the morning, and closed significantly lower for the second consecutive day. Gold and Silver saw net daily declines of -0.9% and -1.1% respectively.


GLD, daily

SLV, daily

Summary

As expected, we saw a second day to the downside for the precious metals. Silver is suggestive of further downside, at least to the gap zone - whilst Gold has already hit that initial target zone.

Interestingly, there is increasing talk of Gold $1000 today, even on clown finance TV.
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I hold to the grander outlook, that the 2013 lows will be broken..whether this year..or next, with Gold eventually flooring in the $1000/900s.. and that would no doubt cause Silver to see similar scale declines.